TABLE OF CONTENTS
- Introduction
- The Benefits of a Combination of CA and CPA
Career Opportunities
Salary Range - Eligibility
Credits - Conclusion
- FAQs
INTRODUCTION
The accounting field has a profusion of professional qualifications, paving the way for fascinating career opportunities. A CA or Chartered Accountant and CA and Certified Public Accountant certifications are among the most renowned and highly-regarded in the world. Nevertheless, many people are considering a CPA certification after having a CA qualification. But, is it possible to do both?
THE BENEFITS OF A COMBINATION OF CA AND CPA
Chartered accountants in India are professionals with the proper license to practice. India has the Institute of Chartered Accountants of India or ICAI that provides the credential. CPAs or Certified Public Accountants are US professionals doing the same job as CAs. CPAs are experts in several fields, not only in financial planning, taxation, forensic accounting, and so on.
Chartered Accountant and Certified Public Accountants are great professions and definitely are an amazing combination. Can you do both a CPA and a CA at the same time? Yes, since there are many similar concepts in both. Nevertheless, while you can do both together, it’s not necessary.
Why? Because the fees are not cheap. Probably the best thing that you can do is pursue a CPA certification after doing your CA qualification. The benefits of pursuing a CPA after a CA unlocks the arena of career options.
Recognition
- One of the reasons why a Chartered Accountant should go for a CPA certification is the international recognition not just in India. There is so much demand for international knowledge in India and having a CPA certification could pave the way for career opportunities anywhere in the world.
Salary Benefits
- There is a high demand for professionals with international knowledge and expertise in different industries in India nowadays. Naturally, someone with both a CA and CPA certification will enjoy a higher compensation compared to other career options.
Global Opportunity
- Taking a CPA certification helps in understanding the accounting principles that are applicable across the globe. Expertise in this will give someone so many opportunities anywhere.
Dual Certification
- Completing a CA and CPA certification makes one a dual-certified professional. This adds immense value and respect. Armed with the right expertise, skills, and knowledge in many aspects of accounting makes one enjoy a high demand in the global market.
Career Opportunities
Professionals with both CA and CPA qualifications have access to a huge range of career opportunities in different sectors. Some key career opportunities include the following:
- Corporate Accounting
Numerous corporations require the expertise of CA and CPA professionals to manage their internal financial operations. In corporate roles, dual qualification professionals can work as financial managers who are responsible for budgeting, financial planning, and strategic planning. - Advisory and Consulting Services
Dual certification professionals are well-positioned to excel in advisory and consulting roles. Furthermore, they can provide guidance and valuable insights to the clientele on enhancing processes, financial management, risk mitigation, and internal controls. - Public Accounting Organizations
CA and CPA professionals are highly valued in public accounting firms. They can work as auditors, providing assurance on financial statements and helping firms maintain and adhere to regulatory requirements. - Government Agencies
Government agencies and regulatory bodies require professionals with deep accounting principles and practices. CA and CPA professionals can perform financial oversight, ensuring regulation compliance, and crafting procedures and policies to safeguard public finances. - Non-Profits
Non-profit organizations face unique financial challenges and are in need of professionals who are experts and skilled in navigating financial operations. Dual-certified professionals can provide valuable insights into financial budgeting, reporting, and management, helping them achieve their mission.
Salary Range
The salary of a person holding CA and CPA certifications depends on several factors. These include the experience, the company he or she is working with, and the geography of the workplace. Nonetheless, based on a survey done, the average annual pay for a CA plus a CPA is around $104,000. Furthermore, these professionals can earn profit sharing, bonuses, and other compensation packages depending on the organization they work for and their performance.
ELIGIBILITY
In India, every state has its own CPA testing criteria. Nevertheless, some of the common ones include the following:
- Commerce or Accounting degree (BBA, MBA in Finance, BCom, and MCom)
- Finance and Accounting postgraduate professional certification
- CMA/CA/CS passed/Intermediate passed
- Valid international passport
CREDITS
The general rule is that each year in college is equal to 30 credits, thus a 3-year course would be 90 credits. In most states, candidates could fulfill the 120 credits necessary to sit for the CPA exam by combining a three-year BCom, which is equivalent to 90 credits with a CA that was previously equivalent to 40 credits. CPA aspirants could then take several sources to meet the 150-credit requirement for the Certified Public Accountant license.
There are 55 member states of India’s National Association of State Boards of Accountancy, or NASBA. Candidates with a Commerce degree and first division from a NAAC-A grade university qualify for the regular CPA exam. Nonetheless, Indian students should be members of the ICMAI, ICAI, or ICSI to take the exam. Other than a membership in one of these organizations, they could also have an MCom or MBA degree.
CONCLUSION
Pursuing a CPA certification after having a Chartered Accountant certification can be a transformative step in one’s career. Both designations provide the knowledge, skills, and global recognition that could boost career opportunities, recognition across the globe, and professional versatility. Become a well-rounded professional today by having both a CA and CPA certification.
FAQs
Q. Can I proceed to CPA after my CA qualification?
Ans. Yes. Numerous professionals opt to expand their qualifications by pursuing a Certified Public Accountant license.
Q. Is it worth the time and effort to pursue a CPA license after CA?
Ans. It’s definitely a valuable investment, which could expand one’s career, boost income potential, and earn a prestige reputation on an international level.
Q. What are the benefits of pursuing a CPA after CA?
Ans. Some of the benefits include wider career opportunities, enhanced technical knowledge, increased income potential, versatility, global opportunities, prestige, and continuous development on a professional level.
Q. Can I maintain both CPA and CA designations at the same time?
Ans. Yes, it’s possible to simultaneously maintain your CA and CPA designations. Nonetheless, it’s important to stay updated with the continuing education requirements for both. This ensures compliance with the directives of the licensing bodies.
Q. How should I prepare for the CPA exam after becoming a CA?
Ans. You should be familiar with the exam structure, content, and eligibility criteria specific to your jurisdiction. Craft a well-structured study plan and use all resources available, including review courses and practical exams. It’s also important to dedicate time to exam preparation while balancing your work.
Q. Are there additional educational requirements to pursue a CPA certification after I become a Chartered Accountant?
Ans. It depends on your jurisdiction. Some have reciprocity agreements allowing CAs to get CPA licenses more easily. In some, there may be additional credits or coursework to meet.
Q. Is pursuing a CPA license after CA beneficial to non-US residents?
Ans. Yes, a CPA license after becoming a Chartered Accountant is beneficial even for non-US residents. The CPA designation is foremost highly recognized worldwide and provides opportunities for global mobility, expanding career options anywhere in the world.